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illion Credit Score and Report: Everything You Need to Know

Find out everything you need to know about illion

15 August 2023Lloyd Smith 3 min read
Illion credit score and report, what you need to know

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Before credit providers or financial institutions approve a new line of credit, they conduct credit checks to understand the risk profile of the borrower. Running a credit check involves reviewing credit reports of borrowers prepared by credit bureaus and credit scores.

A vast majority of lenders rely on illion credit score and reports in Australia to determine eligibility of individuals.

Let's take a look at everything you need to know about illion and how illion credit checks can impact your score.

illion, a credit reporting agency in Australia, and is one of the top three credit reporting agencies in the country. In 2014, it became the first credit rating agency in Australia to implement comprehensive credit reporting. illion collects the credit history of businesses and individuals from various providers and uses its proprietary algorithm to prepare credit reports and calculate credit scores for individuals.

Your illion credit report includes personal details and information about your personal credit history such as:

  • Name, residential address, date of birth, employer and drivers licence number
  • Credit history (including credit accounts and hard credit checks), credit limit, and repayment history
  • Details of court judgments, bankruptcy proceedings, and any creditor who believes you obtained credit fraudulently or evaded payment obligations.

illion's comprehensive credit reporting means positive and negative information stays on your report for different lengths of time, such as monthly repayment history staying for two years and bankruptcy filings staying for five years. Hard credit checks remain on your report for over five years, regardless of approval status.

Credit scores may differ between credit reporting agencies like illion, Equifax, and Experian since they all use their own proprietary algorithms to calculate scores. This can result in variations depending on the information each agency has received from lenders.

While your Equifax credit score may be high, your illion score could be lower and vice versa. illion's credit score ranges from 0 to 1000, with a score of 500 to 699 considered good. A high score indicates a lower credit risk where a ‘good’ credit score shows no significant negative information is on your illion credit file, or there is not enough information to calculate the score.

Here’s a breakdown of the rating scales and scores of different agencies and illion's score indication:

Band

Experian (on a scale of 1000)

Equifax (on a scale of 1200)

illion (on a scale of 1000)

illion Range indication

Excellent

800 - 1000

833 - 1200

800 - 1000

Borrowers who have a long credit history with consistent bills/loan instalment payments and responsible credit management often results in a score within this range.

Very Good ("Great" for illion)

700 – 799

726 - 832

700-799

This range shows that even though you may have a few credit enquiries on your file, you have maintained an overall good repayment record.

Average ("Good" for illion)

625 - 699

622 - 725

500 - 699

This shows that you have a good illion credit score and you are likely to be approved for most new credit applications.

Fair ("Room for Improvement" for illion)

550 - 624

510 - 621

300 - 499

A score in this range doesn't always indicate a negative credit history. It may also be due to a shorter credit history or borrowing from high-risk lenders.

Low

0 - 549

0 - 509

1 - 299

You may have defaulted on repayments and/or made several loan/credit card applications resulting in numerous hard credit enquiries.

Zero

0

It indicates that you have no credit history.

You can now access your illion credit score and report for free, forever, using ClearScore. Sign up to ClearScore by following the steps below:

  1. Visit the ClearScore Australia website to start your sign up for free.
  2. Create a ClearScore account by entering your personal information, such as your name, date of birth, and email address.
  3. Verify your identity by providing additional information, such as your address and ID.
  4. Once you have verified your identity, you will be able to see your credit score and report on the ClearScore dashboard.
  5. Then, simply head to your ClearScore report page and press the ‘illion’ tab at the top of the page and view your illion credit score and report.

In Australia, credit scores are calculated by credit reporting agencies based on information gathered from credit providers such as banks, credit card companies, and other lenders. The most common credit reporting agencies in Australia are Equifax, Experian, and illion.

illion credit score is calculated based on information provided by credit providers and financial institutions. Factors such as defaulting on loan, late payments, joint debts, and applying for too many credit products can lower your score.

To improve your credit score, you can follow ClearScore's recommendations by visiting ‘Reports’ and see your ‘Insights’ showing you the tips of how to improve your credit score, which may include paying bills on time, reducing credit card balances, and checking your credit report regularly for errors or fraudulent activity. Remember to check your credit score and report regularly to ensure that your credit history is accurate and up-to-date.

In addition, here are some more helpful tips to keep in mind:

  • Regularly review your credit report for errors
  • Pay bills on time (credit card dues, loan instalments etc). Set up payment reminders or auto-debit instructions
  • Set a spending limit on your credit card (You should keep your credit utilisation below 30% of the total credit limit at all times)
  • Apply for credit only when necessary (multiple queries in a short time can reduce your score)
  • illion is a credit reporting agency in Australia that uses its proprietary algorithm to prepare credit reports, and calculates credit scores for individuals.

  • illion credit score is calculated based on information provided by credit providers and financial institutions. Factors such as defaulting on loan, late payments, joint debts, and applying for too many credit products can lower your score.

  • Credit scores may differ between credit reporting agencies like illion, Equifax, and Experian since they all use their own proprietary algorithms to calculate scores. This can result in variations depending on the information each agency has received from lenders.

You can now access your illion credit score and report for free, forever, using ClearScore. Sign up to ClearScore today and check your credit score.


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Written by Lloyd Smith

General Manager AU

Lloyd spreads the word about how awesome ClearScore is.